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     BEIJING (MNI) - The following lists highlights from the Chinese press for
Tuesday:
     Market expectations of efforts to stabilise the tumbling stock market were
supported by positive signals from recent speeches made by heads of three major
regulators, the People's Bank of China (PBOC), China Securities Regulatory
Commission (CSRC) and the Ministry of Finance, said Securities Daily in a front
page opinion piece published on Tuesday. Steady monetary policy and proactive
fiscal policy are the driving forces for the ongoing deepening of capital market
reform and development, the newspaper said, noting that the complementary nature
of these policies require close cooperation from the three authorities. The
finance minister has promised to work on a larger scale of tax and fee
reduction; the PBOC governor has confirmed that there is room for further
monetary policy adjustment; and the CSRC chairman stated that he has met private
equity representatives and individual investors to discuss specific reform
measures this week, reported the Daily.
     Enterprises focusing on cutting overcapacity are to be exempted from the
land use tax and property tax when they suspend operations for restructuring,
according to the new rule released by the Ministry of Finance and the State
Administration of Taxation on Monday, Xinhua News reported. The new regulation
is in line with the country's supply-side reforms through industrial
transformation, which aims to encourage companies to upgrade their production.
These companies are not allowed to enjoy the tax exemption policy for more than
two years, as it will take effect from the beginning of October till the end of
2020.
     State-owned enterprises (SOEs) acquiring privately owned listed companies
is normal market-oriented behavior, and it is a market choice with mutual
benefits, said People's Daily on Tuesday, in response to recent worries that
SOEs may merge with or acquire private firms on a large scale amid ongoing stock
market turbulence. The increase or decrease of state-owned capital follows the
laws of market economy and enterprise development, the newspaper said, citing
Peng Huagang, deputy secretary general of the State-owned Assets Supervision and
Administration Commission (SASAC). SASAC is against having different rules from
differences in corporate ownership, and opposes the discriminatory treatment of
SOEs in the formulation of international rules, Peng emphasised.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Beijing Bureau; +86-10-8532-5998; email: beijing@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]